<PAGE> 1
PACIFIC CAPITAL FUNDS
New Asia Growth Fund
Supplement dated August 6, 1997 to the
Retail Class Prospectus dated November 29, 1996
The following information supplements "The Adviser" in the Retail Class
Prospectus.
Effective immediately, Bancorp Hawaii, Inc., a bank holding company
that is the parent of the Fund's adviser has changed its name to Pacific Century
Financial Corporation. Hawaiian Trust Company, Limited, the adviser to the Fund,
is a wholly-owned subsidiary of Pacific Century Financial Corporation. Effective
September 30, 1997, the adviser will change its name to Pacific Century Trust
and will become a division, rather than a wholly-owned subsidiary, of Pacific
Century Financial Corporation. These changes will not have any effect on the
control or management of the adviser or its parent.
The following information supplements "Management, Advisory and Other
Service Arrangements--The Sub-Adviser" in the Retail Class Prospectus:
Credit Lyonnais International Asset Management (HK) Limited ("Credit
Lyonnais HK"), the Sub-Adviser to the Fund, has been acquired by
Nicholas-Applegate Capital Management (Hong Kong) LLC ("Nicholas-Applegate"),
effective August 1, 1997. A new sub-advisory agreement between Pacific Century
Trust (formerly Hawaiian Trust Company, Limited) and Nicholas-Applegate has been
in effect since that date.
Nicholas-Applegate, a California limited liability company, is located
at Room 604-6, Three Exchange Square, 8 Connaught Place, Central, Hong Kong,
and is part of an investment management organization which together manage in
excess of $30 billion through a variety of investment products and services.
Nicholas-Applegate is registered as an investment adviser with the Securities
and Exchange Commission under the Investment Advisers Act of 1940.
Under the New Sub-Advisory Agreement, Pacific Century Trust will pay
Nicholas-Applegate a fee for its services equal to 0.50% of the Fund's average
daily net assets, computed daily and payable quarterly. The fee paid by Pacific
Century Trust to Nicholas-Applegate will represent a portion of the 0.90%
investment advisory fee paid to Pacific Century Trust. These fees are unchanged
from those previously paid to Credit Lyonnais HK.
All investment decisions of Nicholas-Applegate with respect to New Asia
Growth Fund will be made by a committee, and no person will be primarily
responsible for making recommendations to the committee.
<PAGE> 2
All investment decisions of Nicholas-Applegate with respect to the Fund
will be made by a committee, and no person will be primarily responsible for
making recommendations to the committee.
<PAGE> 3
PACIFIC CAPITAL FUNDS
GROWTH AND INCOME FUND
GROWTH STOCK FUND
BALANCED FUND
Supplement dated August 6, 1997 to the
Retail Class Prospectus dated November 29, 1996
The following information supplements "The Adviser" in the Retail Class
Prospectus.
Effective immediately, Bancorp Hawaii, Inc., a bank holding company that is
the parent of the Fund's adviser has changed its name to Pacific Century
Financial Corporation. Hawaiian Trust Company, Limited, the adviser to the Fund,
is a wholly-owned subsidiary of Pacific Century Financial Corporation. Effective
September 30, 1997, the adviser will change its name to Pacific Century Trust
and will become a division, rather than a wholly-owned subsidiary, of Pacific
Century Financial Corporation. These changes will not have any effect on the
control or management of the adviser or its parent.
<PAGE> 4
PACIFIC CAPITAL FUNDS
U.S. TREASURY SECURITIES FUND
SHORT INTERMEDIATE U.S. TREASURY SECURITIES FUND
DIVERSIFIED FIXED INCOME FUND
TAX-FREE SECURITIES FUND
TAX-FREE SHORT INTERMEDIATE SECURITIES FUND
Supplement dated August 6, 1997 to the
Retail Class Prospectus dated November 29, 1996
The following information supplements "The Adviser" in the Retail Class
Prospectus.
Effective immediately, Bancorp Hawaii, Inc., a bank holding company that is
the parent of the Fund's adviser has changed its name to Pacific Century
Financial Corporation. Hawaiian Trust Company, Limited, the adviser to the Fund,
is a wholly-owned subsidiary of Pacific Century Financial Corporation. Effective
September 30, 1997, the adviser will change its name to Pacific Century Trust
and will become a division, rather than a wholly-owned subsidiary, of Pacific
Century Financial Corporation. These changes will not have any effect on the
control or management of the adviser or its parent.
<PAGE> 5
PACIFIC CAPITAL FUNDS
BALANCED FUND SHORT INTERMEDIATE U.S. TREASURY
DIVERSIFIED FIXED INCOME FUND SECURITIES FUND
GROWTH AND INCOME FUND TAX-FREE SECURITIES FUND
GROWTH STOCK FUND TAX-FREE SHORT INTERMEDIATE SECURITIES FUND
NEW ASIA GROWTH FUND U.S. TREASURY SECURITIES FUND
Supplement dated August 6, 1997 to the
Institutional Class Prospectus dated November 29, 1996
The following information supplements "The Adviser" in the Institutional
Class Prospectus.
Effective immediately, Bancorp Hawaii, Inc., a bank holding company that is
the parent of the Funds' adviser has changed its name to Pacific Century
Financial Corporation. Hawaiian Trust Company, Limited, the adviser to the
Funds, is a wholly-owned subsidiary of Pacific Century Financial Corporation.
Effective September 30, 1997, the adviser will change its name to Pacific
Century Trust and will become a division, rather than a wholly-owned subsidiary,
of Pacific Century Financial Corporation. These changes will not have any effect
on the control or management of the adviser or its parent.
The following information supplements "Management, Advisory and Other
Service Arrangements--The Sub-Adviser" in the Institutional Class Prospectus.
Credit Lyonnais International Asset Management (HK) Limited ("Credit
Lyonnais HK"), the Sub-Adviser to New Asia Growth Fund, has been acquired by
Nicholas-Applegate Capital Management (Hong Kong) LLC ("Nicholas-Applegate"),
effective August 1, 1997. A new sub-advisory agreement between Pacific Century
Trust (formerly Hawaiian Trust Company, Limited) and Nicholas-Applegate has been
in effect since that date.
Nicholas-Applegate, a California limited liability company, is located
at Room 604-6, Three Exchange Square, 8 Connaught Place, Central, Hong Kong,
and is part of an investment management organization which together manage in
excess of $30 billion through a variety of investment products and services.
Nicholas-Applegate is registered as an investment adviser with the Securities
and Exchange Commission under the Investment Advisers Act of 1940.
Under the New Sub-Advisory Agreement, Pacific Century Trust will pay
Nicholas-Applegate a fee for its services equal to 0.50% of New Asia Growth
Fund's average daily net assets, computed daily and payable quarterly. The fee
paid by Pacific Century Trust to Nicholas-Applegate will represent a portion of
the 0.90% investment advisory fee paid to Pacific Century Trust. These fees are
unchanged from those previously paid to Credit Lyonnais HK.
All investment decisions of Nicholas-Applegate with respect to New Asia
Growth Fund will be made by a committee, and no person will be primarily
responsible for making recommendations to the committee.
